- Category: Blog
- Published: Thursday, 17 December 2015 16:29
- Written by Ray White
Let’s take a look and see how Standard Time® would be used by consultants. First of all everything starts with the timesheet and maybe the time log. In the timesheet you have your projects that you’re working on for clients, you have your Monday through Sunday hours here. Daily totals at the bottom weekly totals as well, simply type your hours into a particular project and task and you’re good to go. You might also consider using the timer, you can start and stop a timer. You can go over here to the view menu and choose quick tasks. Here you can actually just click and click again to start and stop a timer for particular quick tasks. That’s a quick way of putting time into the system.
What I also want to draw attention to is the time log tab, let’s click on that at the top. These are some of the columns I like to display in the time log; start time for each record, actual work on each record, these again are the same records you see in the time log except they are displayed from top to bottom in record format rather than Monday through Sunday. You’ve got your project maybe a client category. The category column, notes for each record, the client rate and then the cost client and whether these records are billable and marked as billed. Those are some valuable fields you can display and make sure everything comes out alright. But again those are the same records you’ll see in the time log.
Where do those billing rates that you see over here come from? They come from the tools menu choose billing rates and then employee billing rates or category billing rates. You can choose a client or project, set your billing rates for each individual consultant then you’re good to go.
One of the other things that’s valuable is go over to view menu and choose project revenue. This little window allows you to look out into the future for a year and see where you’re project revenue is coming from for each of the jobs that you have. So you see a couple of bad months like this, bad quarter; want to make sure you take care of that. I’m going to close out of this show you some other things.
One of the other things you can look at for individual consultants is the quick info window. Click that icon, you can choose a particular project from the drop down or show all projects, it will show you spent today, this week, this month. You can choose little drop downs to look at yesterday, last week or the different months of the year. That allows you to see how many hours you have for these different time periods. And it helps you coordinate the billable hours.
By way of reporting you might consider going over here and looking at the time logs. One of the good reports for consulting is the client receivables. When I run this I can look at this month; when I do that I see records that show me the start time and date, the hours, the rate and the cost client along with some notes. Scroll down and you will see the totals for that; these are the dollar totals that are still outstanding for each of the clients. You can see the clients here then the total at the bottom.
There’s another report we can look at; we close the time logs and go in the management. Take a look at the utilization and rates report. This on also wants a date range; let’s look at the last 120 days. When we do we see individual employees and we see scheduled hours, actual hours they worked and that yields a utilization rate and effective billing rate. As I scroll through this you see the effective billing rate for each of the consultants and then it averages down here at the bottom for the entire company. That is useful to look through and increase your effective billing rate for the entire company.
We’ll close out of that. There is so much to see in this product and I’ve just touched the surface. But hopefully it gives you a chance to focus on a few things and then take a look and see what you like.
Watch the video: https://www.youtube.com/watch?v=wigs3dTT7q8